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‘Bank of Industry funds bankable ventures not religious activities’


Bank of Industry, Headquaters, Abuja

Bank of Industry, Headquaters, Abuja

To address concerns and misrepresentation of intent among stakeholders, the Bank of Industry (BoI) has reaffirmed its mandate of supporting only bankable ventures that aid industrial growth and promote economic development.

The Bank, while reacting to reports in sections of the social media on its purported partnership with religious institutions, explained that BoI has never financed any empowerment programme by religious institutions neither did it participate in the programme being referenced.

“Rather, the organizers, a university in Osun state, expressed interest in partnering with the bank after the empowerment programme to see how the bank can provide financial assistance to those that excel.


“BoI as Nigeria’s foremost Development Finance Institution only supports potentially viable ventures that will drive the nation’s industrialisation agenda, improve the economy and crest jobs. The bank nevertheless partners with organisations with these proposals as long as they offer repayment plans and have developmental as well as social impact.

“The bank does not fund religious programmes and activities rather it only finances potentially bankable ventures promoted by domestic and foreign investors of all faiths.

“We would like to state that the notion being created in the social media is wrong and only being misinterpreted by mischief makers to tarnish the image and goodwill the bank has created and enjoyed by partnering with diverse institutions that seek to create positive impact in the Nigerian society.

“For the benefit of posterity, the bank has a loan approval process that is governed by best global practices and would not jeopardise the interests of its stakeholders”, the Bank explained in a statement.

The bank however reiterated its resolve to continue to consolidate on its existing relationships while fostering new ones.

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